Perth Airport Pty Ltd.

Overview Key strengths Key risks Solid market position as the gateway and only international airport to Western Australia. Recovery in traffic may be slower than we expect due to economic headwinds. Flexibility in capital spending and shareholder distributions support ratings. Downward commodity cycle can weigh on regional passenger traffic. Aeronautical tariff agreements (except with the Qantas Group) provide price certainty until June 2025. . Based on trends in the past six to 12 months, total passenger traffic at the airport and EBITDA for PAPL could improve to 85%-90% of pre-COVID levels in fiscal 2023 (year-end June), from 60% in fiscal 2022. Regional passenger traffic should remain strong. This is largely due to commodity-related traffic in Western Australia. In addition, interstate

...Continued strong regional traffic, a solid rebound in domestic air travel, and our expectation of improving international traffic should strengthen earnings and cash flow for Perth Airport Pty Ltd. (PAPL) over the next 12-24 months. Based on trends in the past six to 12 months, total passenger traffic at the airport and EBITDA for PAPL could improve to 85%-90% of pre-COVID levels in fiscal 2023 (year-end June), from 60% in fiscal 2022....

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